Marcello Bottoli, current deputy chairman, will succeed Leighton as chairman of the board.

Bjørn Gulden said: "This has been a very hard decision for me to make. Pandora is a great business which is performing well, but the sports industry has always been a major part of my life, and my role at Puma will also allow my family to remain in Germany."

Leighton said he was delighted to take on the chief executive role, adding that he has worked closely with Gulden, Bottoli and the Pandora management team to deliver the company strategy and that "continuity in that execution and understanding of the business is key to our continued success".